Agency
A Maine buyer's agent has a client interested in a property where the agent has a personal financial stake. The agent must:
AWithdraw from representing the buyer without explanation
BDisclose the conflict in writing to the buyer before proceeding✓ Correct
COnly disclose if the buyer specifically asks
DProceed normally, as personal interests do not affect professional obligations
Explanation
Maine requires licensees to disclose any personal financial interest in a transaction to all parties affected by that interest. Failure to disclose a conflict is a violation of license law.
Related Maine Agency Questions
- In Maine, a buyer's agent who assists their buyer in preparing an offer for a property listed by the same company must, under designated agency:
- Under Maine law, who bears the burden of proving that a dual agency disclosure was made and consent was obtained?
- In Maine, 'implied agency' may be created when:
- Under Maine's agency law, a buyer's agent who knows their buyer will make a below-market offer because they believe the seller is desperate must:
- A Maine real estate company that represents both buyers and sellers in many transactions uses designated agency to avoid:
- Under Maine agency law, a seller's agent owes which duty to the buyer?
- In a Maine transaction where a buyer is unrepresented, the listing agent should:
- Maine law allows a listing broker to offer compensation to cooperating buyer's agents. This offer of compensation must be made through:
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